I have some ideas about the horse racing mechanics:
-Different horses have different stats.
-You have to slow down to make tight turns.
-Drafting could be possible with horses like it is in car racing. For those who don't know, drafting, in car racing, is when you get directly behind another car, you can go faster. There's a sort of aerodynamic symbiosis at work. It begins when the trailing car gets within inches of the front car's rear bumper. The front car creates a low-pressure area -- a draft -- that essentially acts like a vacuum and pulls the back car forward. I copy/pasted that drafting explanation btw.
-Some form of stamina management, so for example, if you push your horse too hard, too quickly, you may blow out its stamina and tire your horse out. Red Dead Redemption had a stamina management system in their horse racing.
-Different maximum speeds for different terrain. For example, you're going to go faster on the dirt trail compared to galloping in the grass or shrubbery on the side. Snow or ice could have different effects on how your horse performs.
-You can bump into other riders to throw them off track. Imagine bumping into another guy, which causes him to veer off and crash into a tree.
As for other mini-games or side activities, I'm still thinking. What are the confirmed ones we have so far? Didn't they take out arm wrestling? Or was it dice poker that cdpr decided to not make a return? I can't remember. I know fight clubs are back. What else?
I, for sure, want to see fishing. And I would like for there to be in-depth mechanics behind it, taken from real life techniques that people use when fishing. I wouldn't want it to just be, click a button and voila you have caught a fish. There should be some skill or technique or knowledge involved in the process.
Let me think some more, and I will have some ideas that I think are cool.